Why SGOCO Group Ltd (SGOC) Shares Skyrocket 30% Today

HK tech firm SGOCO Group Ltd (NASDAQ:SGOC) announced today that its subsidiary BOCA International Limited (BOCA) has signed a performance agreement with with Hong Kong Aircraft Engineering Company Limited (HAECO) to design, supply and install a new Ultra-High Efficiency BOCA Hybrid Power Chiller Plant (the “Project”) on a 10 years performance contract for HAECO’s facility at the Hong Kong International Airport.

SGOCO shares reacted to the news, jumping nearly 30% as of this writing.

SGOC Chart

Dr. Richard Chan, the Chief Technology Officer of BOCA estimated that the annual electricity running cost saving through the Project is approximately 30~40% of the existing chiller plant annual energy cost. Expect this can contribute a reduction of 4,212,000kg CARON EMISSION.

BOCA has successfully installed and operated BocaPCM- TES for a number of real estate projects worldwide, including in the United Kingdom, Italy, Australia, Malaysia and Hong Kong.

Regarding this new project of BOCA which the Company acquired at the end of 2015, Mr. Shi-Bin Xie, Chief Executive Officer of SGOCO, commented, “We are pleased to see the initial results of the integration of Boca and Company grows the energy saving and environmental protection business. The Company will continue its efforts to further develop such new business and achieve our goals. ”

SGOCO Group Ltd. engages in the development and sale of flat panel display. Its main products are LCD/LED monitors, TVs, and other application specific products. The company was founded by Burnette Or on September 13, 2005 and is headquartered in Beijing City, China.